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Paying federal tax does not exempt anyone from state tax... This is insulting believing Californians would ever fall for this.
Some states don't have any state income taxes.
Newsom's a tool, but it's very obvious why this is the line he's walking. And it's not to pull one over on his constituents.
He's pushing for a Federal tax over a state one is because a state one will just push billionaires to other states. Billionaires are certainly not stopped by a state line, a law without teeth is just theater.
We absolutely need a federal wealth tax, along with consequences for individuals and corporations that flee to international tax havens.
I don't know about you, but I take comfort in that.
CORRECT! A ONE TIME Tax is going to ANNIHILATE the ~~Major Taxpayers!~~ ~~Major Job Creators!~~ People who pay the least tax while taking the MOST Welfare!
I'm not claiming it will. I'm claiming that California has no means to enforce it.
Historical consequences of a wealth tax:
In other words, it’s just bad tax policy, hard to track and introduces administrative burden, and encourages further obfuscation. Alternative: Income tax reform is a better solution.
Relocation of billionaires is a good thing if nothing else to kill their credibility that they in any way shape or form give a fuck about this country. Secondarily it also makes them easier to sanction.
It looks like your information was sourced from the Tax Foundation, which apparently has a murky history of cherry picking economic data to solely support business-conservative causes in Europe. The Reception section of their Wikipedia page will get you started on how much to trust them for accurate analyses. Just FYI.
I encourage you to provide a list of countries where it isn’t repealed and is effectively working.
California already taxes high earners more than any other state. I think the idea that a further wealth tax (which I wholeheartedly support) would be more easily avoidable at the state level.
I have no doubt Newsom is speaking from both sides of his mouth on a difficult political problem for him, but all else being equal a federal wealth tax is a better idea than a state one.
In theory a federal one is better but it's unrealistic. It's going to be hard enough getting a state wealth tax passed, it's essentially impossible to get a federal one passed. For that to happen you'd need to give Democrats complete control of both houses of Congress and the presidency, and even then it would be a struggle. With Republicans in control of anything it's a complete pipe dream. So rather than going for the perfect solution that isn't going to happen anytime soon it's better to go for the imperfect one that has a good chance of actually happening.
Hell, even with both houses and the president there still SCOTUS to deal with.